Download TPS, East Africa 2008 Annual Report - Serena Hotels

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Notes to the Financial Statements (cont’d) 4 Critical accounting estimates and judgements Estimates and judgements are continually evaluated and are based on historical experience and other factors, including experience of future events that are believed to be reasonable under the circumstances. (i) Critical accounting estimates and assumptions Fair value estimation The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses its judgement to select a variety of methods and make assumptions that are mainly based on market conditions existing at the balance sheet date. Impairment of goodwill The Group tests annually whether goodwill has suffered any impairment, in accordance with the accounting policy stated in Note 2(g). The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations require the use of estimates (Note 20). Income taxes The Group is subject to income taxes in various jurisdictions. Significant judgment is required in determining the Group's provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. (ii) Critical judgements in applying the entity's accounting policies In the process of applying the Group's accounting policies, management has made judgements in determining impairment of assets, goodwill, gratuity provisions. 5 Segment information Primary reporting format - geographical segments The Group has two geographical segments - Kenya and Tanzania. The group subsidiary in South Africa operates as a sales agency and does not constitute a separately reportable segment. The information has therefore been consolidated with the results of the parent company. Sales (allocated based on the country of subsidiary) 2008 2007 Shs'000 Shs'000 Kenya 1,899,844 2,362,597 Tanzania 1,343,359 1,305,063 3,243,203 3,667,660 42 TPS EASTERN AFRICA LIMITED | ANNUAL REPORT AND FINANCIAL STATEMENTS 2008
5 Segment information (continued) Notes to the Financial Statements (cont’d) Total assets (allocated based on the country of subsidiary) 2008 2007 Shs'000 Shs'000 Kenya 4,482,717 4,753,542 Tanzania 2,024,279 2,027,477 6,506,996 6,781,019 Total liabilities (allocated based on the country of subsidiary). 2008 2007 Shs'000 Shs'000 Kenya 1,695,549 2,016,095 Tanzania 1,060,522 1,086,513 2,756,071 3,102,608 Capital expenditure (allocated based on the country of subsidiary). 2008 2007 Shs'000 Shs'000 Kenya 93,052 368,028 Tanzania 67,005 71,932 The segment results for the year ended 31 December 2008 are as follows: 160,057 439,960 Kenya Tanzania Group total Shs'000 Shs'000 Shs'000 Sales 1,899,844 1,343,359 3,243,203 Operating profit 133,961 341,290 475,251 Finance costs - net (39,296) (105,544) (144,840) Share of loss of associate (397) - (397) Profit before income tax 94,268 235,746 330,014 Income tax expenses (38,119) (69,178) (107,297) Profit for the year 56,149 166,568 222,717 Minority interest - - - Profit attributable to shareholders 56,149 166,568 222,717 TPS EASTERN AFRICA LIMITED | ANNUAL REPORT AND FINANCIAL STATEMENTS 2008 43
Page 1 and 2: Contents Directors and Administrati
Page 3 and 4: PRINCIPAL OFFICERS Michael Opondo D
Page 5 and 6: Other Corporate Information REGISTE
Page 7 and 8: Notisi ya Mkutano wa Pamoja wa Mwak
Page 9 and 10: withholding tax, where applicable.
Page 11 and 12: Sehemu ya nje ya Hoteli ya Serenget
Page 13 and 14: Halmashauri na wasimamizi wanakadir
Page 15 and 16: Mr. Ameer Kassim-Lakha Non-executiv
Page 17 and 18: Corporate Governance Statement The
Page 19 and 20: SHAREHOLDERS' PROFILE AS AT 31 DECE
Page 21 and 22: which allow for optimum conservatio
Page 23 and 24: Statement of Directors’ Responsib
Page 25 and 26: Consolidated Profit and Loss Accoun
Page 27 and 28: Company Balance Sheet For the perio
Page 29 and 30: Consolidated Statement of Changes i
Page 31 and 32: Consolidated Cash Flow Statement Fo
Page 33 and 34: 2 Summary of significant accounting
Page 39 and 40: 3 Financial risk management (contin
Page 41: 3 Financial risk management (contin
Page 45 and 46: 7 Employee benefits expense Notes t
Page 47 and 48: 14 Borrowings The borrowings are ma
Page 49 and 50: 15 Deferred income tax (continued)
Page 51 and 52: 17 Available for sale financial ass
Page 53 and 54: Notes to the Financial Statements (
Page 55 and 56: 23 Receivables and prepayments Note
Page 57 and 58: 27 Related party transactions Notes
Page 59 and 60: 28 Contingent liabilities Notes to
Page 61 and 62: CUT HERE FORM OF PROXY I / We being
Page 63 and 64: KATA HAPA FOMU YA UWAKILISHI Mimi /

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